Energy Fuels Inc., a leading U.S. producer of uranium, rare earth elements, and other critical materials, agreed to acquire 100 percent of the issued share capital of Australian Strategic Materials Limited by way of an Australian scheme of arrangement, in a transaction valuing ASM at approximately US$299 million. The deal was announced on January 20, 2026, when the parties entered into a Scheme Implementation Deed.
Under the terms of the transaction, ASM shareholders were entitled to receive 0.053 Energy Fuels common shares (or CHESS Depositary Interests) for each ASM share held, together with a special dividend of up to A$0.13 per ASM share, while ASM option holders were entitled to cash consideration under a concurrent option scheme of arrangement. The acquisition gives Energy Fuels ASM’s Dubbo Project in New South Wales, together with its operating Korean Metals Plant in South Korea and its planned American Metals Plant.
The combination is designed to create the largest fully integrated “mine-to-metal and alloy” rare earth producer outside China, pairing ASM’s metallization and alloying capacity with Energy Fuels’ rare earth oxide production at its White Mesa Mill in Utah. The transaction addresses a critical gap in Western rare earth magnet supply chains, which serve the automotive, robotics, energy, and defense sectors. The transaction was implemented through Energy Fuels’ subsidiary EFR Critical Materials Pty Ltd and completed on August 28, 2026, following approval by ASM securityholders and the Federal Court of Australia.
Dentons Canada LLP acted as counsel to Energy Fuels with a team led by Jason Saltzman (Corporate and M&A) that included Mark Jadd (Tax), Emeleigh Moulton, and Nikita Munjal (Securities and M&A). Herbert Smith Freehills Kramer acted as Australian counsel to Energy Fuels.